An Introduction to Cost-Benefit Analysis
The very need to weigh benefits against costs-the essence of economics-is evaded by the irresponsible exercise of arrogance.
—Thomas Sowell
Chapter 1 Preview
When you have completed reading this chapter you will:
• see this book as a practical guide for decision-makers charged either with performing or interpreting basic cost-benefit analysis (CBA);
• be aware of project proposals for which CBA is and is not an appropriate decision tool;
• know why government project assessment requires different tools than private project assessment;
• realize that objective decision making is based on considering foregone options, minimizing costs, and using scarce resources to produce what residents need ...
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